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Updated Median Income Data for Use in Means Test

March 21, 2013 David L. Stevens Bankruptcy

dollar signThe Census Bureau has published updated median family income. Individuals who earn more than the median income are required to take a "Means Test" to determine if they qualify for Chapter 7. The below table lists the median income by family size:

 

.

 

FAMILY SIZE

STATE

1 EARNER

2 PEOPLE

3 PEOPLE

4 PEOPLE *

New Jersey

$61,146

$69,697

$85,016

$103,786

New York

$47,790

$59,308

$69,052

$83,209


* For cases filed on or before March 31, 2013, add $7,500 for each individual in excess of 4. 
For cases filed on or after April 1, 2013, add $8,100 for each individual in excess of 4.

 

If you would like help from a New Jersey consumer bankruptcy attorney, contact us for a free bankruptcy consultation today.
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David L. Stevens

David Stevens, Esq. is a partner at Scura, Wigfield, Heyer, Stevens & Cammarota, LLP, one of the largest consumer bankruptcy law firms in New Jersey. Mr. Stevens is a Gulf War veteran and previously worked in the mortgage lending industry before pursuing a career in law. His experience gives him a unique perspective on the financial and legal issues surrounding consumer bankruptcy and foreclosure defense. He focuses his practice on helping individuals and families navigate complex financial challenges through Chapter 7 and Chapter 13 bankruptcy, foreclosure defense, and debt restructuring.

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